Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Budi Starch & Sweetener Tbk (BUDI.JK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$737.74 - $3,857.58$1,483.31
Multi-Stage$624.83 - $685.19$654.44
Blended Fair Value$1,068.88
Current Price$220.00
Upside385.85%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.47%0.00%9.0014.018.006.006.005.004.002.500.000.00
YoY Growth---35.71%75.00%33.33%0.00%20.00%25.00%60.01%0.00%0.00%0.00%
Dividend Yield--4.55%5.35%3.89%2.83%5.61%6.03%4.00%1.98%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)88,642.00
(-) Cash Dividends Paid (M)31,482.00
(=) Cash Retained (M)57,160.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17,728.4011,080.256,648.15
Cash Retained (M)57,160.0057,160.0057,160.00
(-) Cash Required (M)-17,728.40-11,080.25-6,648.15
(=) Excess Retained (M)39,431.6046,079.7550,511.85
(/) Shares Outstanding (M)4,497.074,497.074,497.07
(=) Excess Retained per Share8.7710.2511.23
LTM Dividend per Share7.007.007.00
(+) Excess Retained per Share8.7710.2511.23
(=) Adjusted Dividend15.7717.2518.23
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate3.79%4.79%5.79%
Fair Value$737.74$1,483.31$3,857.58
Upside / Downside235.33%574.23%1,653.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)88,642.0092,885.4197,331.96101,991.37106,873.83111,990.02115,349.72
Payout Ratio35.52%46.41%57.31%68.21%79.10%90.00%92.50%
Projected Dividends (M)31,482.0043,110.6455,780.4969,564.6084,540.60100,791.02106,698.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.01%6.01%6.01%
Growth Rate3.79%4.79%5.79%
Year 1 PV (M)40,280.1940,668.2941,056.39
Year 2 PV (M)48,696.3449,639.2550,591.20
Year 3 PV (M)56,742.5958,398.6160,086.54
Year 4 PV (M)64,430.7566,950.0669,542.54
Year 5 PV (M)71,772.2775,297.2178,959.31
PV of Terminal Value (M)2,527,958.052,652,113.322,781,099.47
Equity Value (M)2,809,880.192,943,066.743,081,335.45
Shares Outstanding (M)4,497.074,497.074,497.07
Fair Value$624.83$654.44$685.19
Upside / Downside184.01%197.47%211.45%

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